Ōtākaro turns to private sector to buy its largest Christchurch city land parcel

Ōtākaro Limited is looking to the private sector to buy its largest central city development land parcel in the Christchurch CBD.

Investment Sales Broker Courtney Doig of Colliers is seeking an experienced developer for the prime holding bordered by Gloucester, Madras and Armagh Streets overlooking Latimer Square near the residential East Frame.

The land covers 8,145sq m, and has three street frontages totalling 247 metres. It is for sale by deadline private treaty, closing March 18.

“This is going to suit someone who knows what they’re doing, and has the necessary resources to complete the project in a timely manner. Speed of development and capability of delivery are essential, whether it be for residential or mixed use.

“This area of the city is increasingly popular with people moving into the city centre; it’s close to CBD amenities, near to the popular SALT District and close to the site of the new Christchurch Multi Use Arena, the Margaret Mahy Family Playground, and the City Promenade linkage to The Terrace and hospitality precinct.

“These aspects will provide appeal to a variety of capable developers eyeing opportunities in this vicinity. It’s really a blank canvas for potential development.”

Last year Doig sold a neighbouring 10,522sq m parcel of land between Gloucester and Armagh Streets with multiple offers received.

“Given the interest in that campaign, we’re confident of finding the right buyer. There’s significant unsatisfied demand for well-located central city land.”

The site’s most significant neighbour is Fletcher Living’s One Central, where homes are selling fast, with close to 200 now purchased.

Ōtākaro Chief Executive, John Bridgman, says they identified the prime site as an important piece of land and are looking forward to seeing a range of proposals for its development.

“We hope the successful sale of this latest site will also be a call to action for others who have been waiting for the right time to move forward with plans for their own vacant sites around this city.”